Advisers join forces with 'one-stop' M&A shop

A Chester-based law firm has teamed up with accountants and legal consultancies to set up the Association of Law Firm Merger Advisers (ALFMA).

The organisation’s website says its adviser’s “can account for over 150 successful mergers between [them]”, adding: “By working together we help our clients to achieve more.” Aaron & Partners, which specialises in advising solicitors buying, selling or merging their practices, has joined forces with accountants; Armstrong Watson, Hazlewoods and Howard Hackney, alongside consultancies Ampersand Legal, Haddon Consult and Hedley Consulting.

The new advisory service reflects a growing demand for holistic advice on M&A for law firms, as it explained in a joint statement on the move. “From small firms worried about succession or exit, to larger firms wanting to grow and attract quality staff, develop their client base or open in new locations, merger has never been a more important issue.

“Whilst there are a wide range of consultants and businesses who claim expertise in merger work, until now, it has been very difficult for a firm to know who to trust.” Consolidation is not new among law firms, with the past ten years characterised by a succession of mergers and acquisitions, primarily among the top 200. However, its prevalence now shows signs of growing among smaller practices as a means of exit for some, and bolt-on growth for those able to attract investment or reaping the benefits of adopting the sector’s newer business structures.

The association puts particular emphasis on its ‘national’ network, aiming to create prospects for firms outside for their immediate localities. ALFMA chairman Andrew Roberts (pictured) said: “At the first meeting of ALFMA, the founder members were asked to think of words to describe how they see ALFMA adding value to their clients. We came up with proactive, pragmatic, national, trusted, reliable, networked, experience, knowledgeable, realistic, open, expert, honest, association, go-to, members, straightforward, discrete and objective.”

Armstrong Watson legal sector partner Andy Poole said: ‘This association provides a key UK wide network that allows our clients to have access to a larger pool of potential vendors/targets. It also allows for a “one stop shop” of experts for all of the strategy, facilitation, valuation, taxation and legal documentation that collectively results in a smooth transaction.’